(Original title: Private equity actively adjusts positions, optimistic about growth technology and financial consumption)

The semi-annual reports of listed companies have successively disclosed that private equity has gradually adjusted its positions, optimistic about high-quality growth and technology stocks, and also allocated consumption and financial sectors. Recent private equity research has focused on Huawei’s industrial chain, consumer and other companies.

A-shares will maintain a volatile pattern

Guanfu Asset said that since the second quarter, under the attack of many unfavorable factors, the market has not continued to fall, indicating that the current overall valuation level of A-shares is reasonable. In the second half of the year, investors will face a race and hedging between structural opportunities and systemic risks.

Zhishun Investment believes that investors have fully anticipated various negative factors in the market, and at the same time, positive factors are increasing, including the continued warm trend of macroeconomic policies, "increased efforts to improve fiscal efficiency", and "appropriate tightness" of currency. By deepening the market-oriented reform of interest rates, we will promote the reduction of financing costs of the real economy. Next, the stock market will present structural opportunities, and now is a good time to significantly increase allocation to stock assets.

Zhikai Investment believes that economic growth is still under pressure in August, inflation is also under pressure driven by the rise in pork and vegetable prices, and the external environment is affected by some risk events. In the short term, the market upside is still subject to certain constraints; however, the "steady growth" policy orientation is obvious, ruling out the old path of stimulating economic growth by supporting real estate, laying the foundation for the market's mid- to long-term upside. Against the backdrop of an overall downward trend in economic growth, future policies will most likely favor the real economy represented by high-end manufacturing, and investment opportunities in related growth stocks will be greater.

Tian Han, deputy director of Shi Feng Asset Research Department, said that in the third quarter, the hedging situation of downward economy and upward policy will appear again. Recently, the central bank announced that it will further improve the loan base interest rate (LPR) pricing mechanism and use market-oriented reform methods to promote the reduction of actual loan interest rates. The valuation expansion brought about by the reduction in interest rates is expected to offset the downward pressure of declining corporate profits. "The future market will be dominated by shocks, and the intensified differentiation in the process will bring about many structural opportunities."

Many private equity positions are relatively active

According to a reporter from China Fund News, private equity positions are currently relatively active, optimistic about high-quality growth stocks and technology sectors, and also focus on allocations to leading companies in consumer, financial and other industries. Zhai Jingyong, chairman of Banyan Investment, said that the current position is 70%, and he is paying attention to the semi-annual reports of high-quality companies, and is optimistic about leading companies in the consumer, pharmaceutical, 5G, non-bank and other sectors.

Liu Fei, senior partner of CEIBS Ruibo, believes that the current market is at the lower track of the shock range, and positions are maintained in the offensive range. If the index is close to the upper track of the shock, the position will start to be reduced. We are optimistic about the 5G and consumer electronics sectors. Companies with relatively low valuations and new products entering the supply chain of core customers next year have the best opportunities. Second-tier leaders in the pharmaceutical industry, as well as growth stocks and express delivery sectors with large market space are also worthy of attention.

Renqiao Asset stated that it currently maintains medium-to-high positions, increases allocations in industries with certain growth such as electronics and medicine, and will maintain overweighting in growth industries in the future. We are optimistic about growth sectors such as electronics, medicine, media, and military industry.

Zhikai Investment said that in the second half of the year, it will gradually increase its shareholding ratio in growth stocks represented by high-tech. "With the continued decline in valuations and the decline in market interest rates, the long-term logic of growth stock investment has gradually emerged. Since July, policy support has increased, and the performance of some growth stocks has been confirmed and verified, especially the overall valuation increase expected from the opening of trading on the Science and Technology Innovation Board. In the future, we are optimistic about high-quality companies in high-end manufacturing and independent controllable fields, as well as biomedicalIt is a leading company with low valuation and high ROE in the pharmaceutical, non-bank financial, food and beverage and other industries. ”

Zhishun Investment stated that the semi-annual reports of listed companies will test the industry prosperity and the company’s fundamental quality, and also provide a basis for subsequent portfolio management, focusing on leading companies in industries with high prosperity, and focusing on finding outstanding companies in the fields of technology, emerging consumption and non-bank finance.

Guanfu Assets stated that in maintaining the overall Under the premise of maintaining a stable position, we should adjust the structure to improve the effectiveness of the portfolio, appropriately increase the tolerance for net worth fluctuations, and actively seize the trend opportunities of companies in areas where fundamentals have reversed or have sustained improvement. "In the second half of the year, we will focus on industries with continued outstanding prosperity, including leaders in the optional and must-have consumption, education, medical equipment and service industries, as well as sub-sectors of food and beverages. ”

Private Equity believes that the semi-annual reports of listed companies show a differentiated situation, and the performance of some industries exceeds expectations. Guanfu Assets said that nearly half of the semi-annual reports have been disclosed, and there are several characteristics: First, the overall growth rate is converging, which is in line with the macroeconomic cycle. Second, some industries have maintained a good momentum of development, such as consumer goods, liquor, condiments, medical services, beauty, etc.; third, the performance of hard technology industries such as electronics has bottomed out and rebounded, which is related to the accelerated development of 5G and the decline in value-added tax; fourth, Continuous reductions in the value-added tax rate have begun to have a positive impact on the profits of listed companies, and some industries, such as beer, have played a large role in the improvement of the company's net profit margin; fifth, bank income has continued to rise steadily, and non-performing provisions have generally begun to decline healthily.

Renqiao Asset believes that the semi-annual report is basically in line with expectations. The peak performance growth rate of many consumer companies may occur in the second and third quarters, while the prosperity of some companies in the TMT industry may have bottomed out, and there is a possibility of a reversal after the fourth quarter.

Tian Han said that from the perspective of key companies, the semi-annual reports of most leading industries are in line with expectations, such as liquor, chemicals, and medical services. The post-cyclical real estate sector, such as leading companies in building materials, home furnishings, and home appliances, is under obvious pressure. The performance of leading sectors such as pharmaceuticals, real estate, beer, cloud computing, and real estate generally exceeded expectations.

Judging from recent private equity surveys, Zhikai Investment also showed positive expectations for the market outlook. Zhikai Investment mainly investigated Huawei’s industrial chain, food and beverage and other industries. . They believe that the performance of companies related to Huawei's industry chain has improved significantly, and some food and beverage companies have maintained high growth rates and high profitability.

Renqiao Asset has investigated leading companies in the pharmaceutical, electronics, media and other industries. The targets of Guanfu Asset's recent investigation are mainly electronic components, industrial automation and some pharmaceutical and medical service companies.

(Article source: China Fund News)